A foreign exchange dealer accused of a ‘Ponzi’ scheme that left 800 investors £17m out of pocket has appeared at City of London Magistrates’ Court facing three further charges relating to continued trading.
Terence Freeman, 62, of King’s Place, King’s Road, Horsham, West Sussex, formerly of 30 Whitehall Lane, Buckhurst Hill, Essex, is the former boss of City-based GFX Capital Markets Ltd.
He was arrested on Wednesday at his new office at 201 First Point, Buckingham Gate, Gatwick Airport and spent twenty-four hours in police custody.
He faces two new charges under the Company Directors Disqualification Act that between June 1 and July 14 he acted as a director of GFX Capital International while subject to bankruptcy and a disqualification order.
He is also charged under the Insolvency Act with engaging in a business between the same dates under a name other than the one he was adjudged bankrupt.
Freeman (pictured) was released on conditional bail to return on August 26 for Crown Court committal.
Freeman was investigated by the City of London Police’s Economic Crime Department, after initially reporting threats from investors to police.
He is also currently charged that between June 1, 2006 and September 30, 2007, within the jurisdiction of the Central Criminal Court, he was knowingly a party to the carrying on of a business, namely GFX Ltd., for a fraudulent purpose, namely the inducement of persons to invest in a ‘Safe’ exchange scheme by making false representations and statements as to the protection and profits of investments.
He is also charged that between October 1, 2007 and February 9, 2009, within the jurisdiction of the Central Criminal Court the business of GFX Ltd. was carried on with intent to defraud creditors by similarly making false representations and statements.
He also is also charged that between January 1, 2006 and February 9, last year, being an undischarged bankrupt, acted as a director of GFX Ltd.
Between the same dates he is charged with failing to disclose to business associates his former name, under which he was made bankrupt.
Freeman is further charged with stealing £120,590 between November 7 and 30, 2007, belonging to investors in GFX Ltd and between the same dates acquiring, using or possessing criminal property, namely a diamond bespoke ring and gentleman’s signet ring.
Thirty investors are alleged to have lost over £130,000, with one individual said to have lost £1.5m.
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